Reuters quotes CGD senior fellow Steve Radelet on the impact of the financial crisis on foreign aid.
From the article:
"Washington in particular would be under severe pressure to pare its international aid spending after agreeing a $700 billion financial rescue package, said Steve Radelet, a senior fellow at the Center for Global Development.
'It is imperative that this pressure be withstood,' he said, warning a U.S. pullback could prompt other Western donors to cut their contributions as well, or delay coughing up pledged funds.
ECLIPSE
Radelet, a former U.S. Treasury Department official, said financial woes were likely eclipse development issues in future meetings of G8 world leaders, which until recently focused on anti-poverty goals and aid pledges.
'Foreign assistance is not going to have the pre-eminent role that it has had in past years,' he told Reuters."
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